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POLSKIE GÓRNICTWO NAFTOWE I GAZOWNICTWO S.A.

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Polskie Górnictwo Naftowe i Gazownictwo S A : PGNiG launches production from a new field in the Norwegian Sea

06/18/2021 | 02:47am EDT
18.06.2021 PGNiG launches production from a new field in the Norwegian Sea

PGNiG Upstream Norway, together with Aker BP as the operator and other licence partners, commenced production from the Gråsel field. Thanks to the use of the existing infrastructure the investment was completed in record time.

'The Gråsel project proves that even relatively small fields can be valuable assets, providing a very attractive return on investment and a reduced carbon footprint. The location of Gråsel in an area where there is already a well-developed infrastructure not only reduced the cost of developing the field, but also shortened the development time. Production from the field was launched only six months after the final investment decision and four months before the originally planned deadline,' stressed Paweł Majewski, President of the Management Board of PGNiG SA, which is the sole owner of PGNiG Upstream Norway. 'Increased utilization of the existing infrastructure also means a reduction in greenhouse gas emissions per each unit of hydrocarbons extracted in the region,' added Mr. Majewski.

Gråsel is an oil and gas field with resources of 13 million barrels of oil equivalent (boe). It is located in the Skarv production area, which has been in production since 2013. This has enabled Gråsel to be connected to the already operating production facilities, a key component of which is the FPSO Skarv production and storage unit - one of the largest of its kind in the world.

The ability to use the completed infrastructure significantly improves the profitability of new upstream projects in the region. In addition to Gråsel, FPSO Skarv is used for the Ærfugl gas field, where five wells are in operation and two more will be commissioned later this year. It is also planned to use FPSO Skarv to off-take hydrocarbons from other fields owned by PGNiG Upstream Norway: Shrek and Alve Nord. At the turn of May and June 2021, the unit underwent a major planned turnaround to enable it to receive additional gas volumes from new projects located in the Skarv area.

PGNiG Upstream Norway holds an 11.92% interest in the Gråsel field. The licence partners are Aker BP (operator), Equinor and Wintershall DEA.

Currently, PGNiG Upstream Norway is a shareholder in 36 licences on the Norwegian Continental Shelf. It produces crude oil and natural gas from 10 fields, with another five fields undergoing investment and analytical work. In 2020, the Company produced 615 thousand tons of oil, which is 40 percent more than in the previous year. Natural gas production amounted to 0.48 billion cubic meters and was at a similar level as in 2019.

In March 2021. PGNiG Upstream Norway entered into an agreement to buy all the assets of INEOS E&P Norge AS, which include interests in 22 licences. As a result of the transaction, which is still awaiting administrative approvals, the recoverable reserves at PGNiG Upstream Norway's disposal may increase from the current approximately 214 million boe to approximately 331 million barrels of oil equivalent.

Disclaimer

PGNiG - Polish Oil & Gas Company published this content on 18 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 June 2021 06:46:02 UTC.


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Financials
Sales 2021 69 772 M 18 200 M 18 200 M
Net income 2021 3 669 M 957 M 957 M
Net cash 2021 300 M 78,3 M 78,3 M
P/E ratio 2021 8,87x
Yield 2021 3,12%
Capitalization 36 392 M 9 480 M 9 493 M
EV / Sales 2021 0,52x
EV / Sales 2022 0,72x
Nbr of Employees 24 773
Free-Float 28,1%
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Number of Analysts 8
Last Close Price 6,30 PLN
Average target price 6,90 PLN
Spread / Average Target 9,58%
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Managers and Directors
Pawel Majewski President-Management Board
Przemyslaw Waclawski Chief Financial Officer
Bartlomiej Gabriel Nowak Chairman-Supervisory Board
Robert Perkowski Vice President-Operations
Grzegorz Tchorek Independent Member-Supervisory Board
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